HD Hyundai Heavy Industries (329180) Q1 2025 earnings summary

Executive summary

• 1Q25 sales decreased 4.6% quarter-over-quarter due to fewer working days, but operating profit surged 53.7% driven by FX tailwinds, productivity gains, and improved product mix in shipbuilding and engine divisions.

• Net income attributable to controlling interest was 284.2 bn KRW, down 22.5% sequentially but up 893.7% year-over-year.

Financial highlights

• 1Q25 sales: 3,822.5 bn KRW, down 4.6% QoQ, up 27.9% YoY.

• Operating profit: 433.7 bn KRW, up 53.7% QoQ, up 1,936.2% YoY.

• OPM improved to 11.3% from 7.0% in 4Q24 and 0.7% in 1Q24.

• Net income: 284.2 bn KRW, down 22.5% QoQ, up 893.7% YoY.

Outlook and guidance

• Management notes that predictive information is subject to significant uncertainties due to market and business environment changes.